Facebook has announced that they are set to double its London office space, by moving to a new Kings Cross HQ by 2021.
“The UK is one of the best places in the world to be a technology company, and we’re investing here for the long term” – Steve Hatch, Facebook’s managing director for Northern Europe.
This announcement is welcoming news for Theresa May’s government, as fears grow surrounding the UK’s ability to continue attracting global technology talent after Brexit. London has been the primary technology hub in Europe for a number of years, however, cities such as Amsterdam, Berlin and Paris have been gearing up to attract start-ups as the UK prepares to leave the EU in March 2019.
In over just 3 years time, the social media giants will acquire 611,000 sq ft of office space across three buildings, with space for 6,000 workers. This is almost three times its current workforce, which is set to reach 2,300 by the end of the year. Facebook’s current UK offices are based in central London; Rathbone Place and Brock Street locations.
This signing, said to be one of the most significant commercial deals in the capital this decade, with King’s Cross Central Limited Partnership (KCCLP) will see 15% of the total commercial space at King’s Cross let in a single deal.
Facebook’s new home will be based near Universal Music UK’s office, who are also in the process of moving from High Street Kensington, to a new 177,000 sq ft King’s Cross office.
Havas, Vevo, Google and PRS for Music, are also current residents within this office space.
Head of Global Real Estate at Facebook, Rob Cookson, said “The UK is one of the best places in the world to be a technology company, and Facebook has benefitted from that since we arrived in 2007.”
He went on to further say “We chose King’s Cross because it has considerable expansion opportunities, great transportation access, and is part of a vibrant community.”
The Mayor of London, Sadiq Khan said “This investment is great news for the capital. We welcome Facebook’s long-term commitment, which is further evidence that London is open for business and a world-leading destination for major tech companies.”
Other U.S technology giants such as; Apple, Amazon and Google parent Alphabet Inc, have expanded their office locations into London, lured in by a concentration of highly skilled workers. This demand in office space, has helped keep office rents and values in the U.K capital near record highs. This is all despite the Brexit vote and cutting costs in the financial services industry.
Last year office space leased by technology, media and telecom firms in central London, was 25% higher than the long-term average.
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